Some analysts are concerned that $60,000 has now flipped from a level of support to one of resistance — meaning bulls may face a challenge as they attempt to break through this zone.
Bitcoin has retreated after failing to meaningfully break through $60,000 over the weekend.
The world's biggest cryptocurrency had hit this psychologically important milestone on some exchanges on Saturday, but later experienced a pullback.
As a result, some analysts are concerned that $60,000 has now flipped from a level of support to one of resistance — meaning bulls may face a challenge as they attempt to break through this zone.
To make matters worse, the U.S. dollar currency index — otherwise known as DXY for short — is continuing to show strength, stealing the limelight from Bitcoin.
The latest Crypto Fear & Greed Index is flashing a score of 50 out of 100 — neutral — painting a picture of confused investor sentiment, and uncertainty as to whether bulls or bears are in control.
Crypto trader and economist Michaël van de Poppe believes that we could see BTC consolidate and trade sideways for the rest of 2021, adding:
"Next big run in Q1 2022 together with a massive altseason."
Lengthening Bull Runs?
This chimes with the perspective of Justin Bennett, the co-founder of Cryptocademy.
Speaking on the latest episode of the CoinMarketRecap podcast, he pointed to data that shows 2017's bull run was longer than the one seen in 2013 — and suggested the end of this current cycle could be "somewhere in October or September of next year." He added:
"I think the times of having this parabolic move and going straight up are kind of over. I do think we'll get a blow off top eventually, but I think that for the next, let's say six months, maybe 10 months, it's going to be a much more gradual push higher."
On Friday, XBTO Group's head of trading Paul Eisma told the Reuters news agency that he expects Bitcoin to trade somewhere between $53,000 and $57,000 for the rest of this year.
